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  • Trump budget surprise: Gutting the CFPB

    The impact of President Donald Trump’s 2018 federal budget proposal would certainly be felt in the housing industry via the 13% cut to HUD's budget, but that’s hardly the only impactful move that the budget proposal holds. Buried on the second-to-last page of Trump’s budget is a move that is sure to please Trump’s fellow Republicans and many in the housing industry as well – gutting the Consumer Financial Protection Bureau.

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US stocks fluctuate in housing data's wake

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According to Bloomberg, U.S. stocks are fluctuating in the wake of recent housing reports. In fact, the Standard & Poor’s 500 Index fell four straight days in a row, as investors sifted through home sales data and weighed the possibility of a government shutdown.

“There is a lot of skittishness on what’s to come in terms of Washington budget negotiations,” Diane Jaffee, the New York-based group managing director for U.S. equities who oversees about $6.4 billion in assets at TCW Group Inc., said in a phone interview.

The S&P 500 fell 0.3 percent yesterday, pushing its four-day slide to 1.6 percent, as investors watched the debate in Washington over spending cuts that could lead to a government shutdown after funding authority ends on Sept. 30.

Source: Bloomberg
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